Korea unveils new housing measures to boost record-low birthrate
The South Korean government on Tuesday unveiled a range of housing support measures with the aim of addressing the nation’s chronically low birthrate.
Under the measures, the government will introduce a specialized and prioritized housing supply system tailored for families with newborns, spanning both public and private housing sectors.
Commencing in March next year, a dedicated public housing supply for families with newborns will be launched, providing housing options for around 30,000 households annually. To qualify for this housing supply, applicants need to demonstrate that they have either given birth or become pregnant within two years of the resident recruitment notice, regardless of their marital status. Eligibility, however, hinges on earning less than 150 percent of the average monthly income of urban workers (equivalent to 9.76 million won or $7,400 for a family of three) and holding assets valued at less than 379 million won.
For families consisting of four members, the income threshold to participate in the newborn special program is set at less than 12 million won per month. This implies that even households with a substantial annual income of 144 million won can avail themselves of the opportunity to join the public sale special program upon the birth of a child.
Moreover, families that have recently welcomed a child will have access to a special low-interest loan, 태아보험비교사이트 even if their combined annual income exceeds 100 million won. The newborn special program and low-interest loan assistance are accessible to all individuals with children, even if they are unmarried.
For private housing, 20 percent of the specialized supply quota designated for first-time buyers or newlyweds will be prioritized for families with newborns. However, these families must meet the income criterion of less than 160 percent of the average monthly income of urban workers, or 10.41 million won for families of three or fewer members.
The government plans to adjust relevant regulations to encompass all apartments with resident recruitment notices under the umbrella of the newborn special offer and priority supply, effective from March onwards. While the government’s goal is to provide 70,000 units annually (including rental units) for families with newborns, the actual yearly count will take 2 to 3 years to fully materialize due to licensing considerations.
In the meantime, families with only one child had little advantage in the apartment subscription system as it was difficult to win the newlywed special offer, which favors two-child households, and the first-time buyer special offer, which selects winners by lottery, is more competitive.